I've posted this before, but the ich cloud reversal is a really awesome trading cheat code.
If something looks to put in a top, on any timeframe, you simply use the lagging span of the ich cloud to determine where it is likely to reverse to. Granted, it only works if that top WAS a significant top. I use 21 periods for my settings which are different than the 26 default setting. It was developed by the Japanese. I like to use fib numbers for most of my indicators.
You simply take what you think is the top, find that top on the lagging span 21 periods back, trace that period up or down to where the candle is, and that's your reversal target, with expectation that it has to happen in the next 21 periods. If it doesn't, it likely wasn't a top or it was just a plain L. I find it works around 60-65% of the time.
Let's look at NFLX weekly before earnings..
Now let's see what earnings did..
Gorgeous.
And as a bonus you can look one level down for the previous top with target $467.65. And we still have 5 weeks to get there. Though a new high likely invalidated its potential, I count it as an un-printed high probability target in a potential downward continuation.
Watch youtube videos about how people use indicators. Watch trading seminars and conference keynote speakers. I learned this from a FOREX trader in Japan. and it's just ONE trick with the ich cloud.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)